PSI National real estate (often missed).pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/PSI%20National%
PSI National Real Estate Questions & Answers
1. Martha was able to go to the closing and sign the paperwork to sell her
mother's property while her mother was in the hospital. How could this be
possible?
1. Martha may have been named an executor of her mother's will.
2. Her mother may have had a power of attorney drawn up making Martha her
attorney in fact.
3. Martha and her mother may own the property as joint tenants, so that Martha
may sign as owner
4. Martha's mother's surgeon recommended that this be permitted to alleviate
her mother's stress and regarding this pending transaction
Answer 2. Her mother mayhave had a power of attorney drawn up making Martha
her attorney in fact.
2. Janet is the property for a 20 unit building.What steps would she take when
asked to prorate the rent if a new tenant wants to move in on the 8th day of the
month in June?
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1. subtract 8 days from 365 to come up with the prorated rent per day
2. Divide the monthly rent by 30 days and multiply that number by 22
3. calculate the 22 day rental amount and add a prorated utility fee
4. advise the tenant that the first available move-in date is July 1
Answer 2. Divide themonthly rent by 30 days and multiply that number by 22
3. In a jurisdiction where the common law of agency governs real estate
activities, a broker has entered a single agency relationship with the buyer. The
broker has put together a list of properties but it was based off how much
commission he can make on this sale. What fiduciary duty did the broker
violate?
1. confidentiality
2. loyalty
3. disclosure
4. caution
Answer 2. Loyalty
4. Why was asbestos often used as a construction material?
1. waterproof
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2. fireproof
3. indestructible
4. cheap
Answer 2. Fireproof
5. An owner signed a contract to sell an apartment building. Just before
closing, the owner informed the buyers that she had changed her mind and
would NOT sell the property. A lawsuit filed by the buyers would be for
1. specific performance
2. lis pendens
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3. quiet title action
4. a deficiency judgement
Answer 1. specific performance
6. The broker has noticed that a great number of people who are buying in the
neighborhood where his listing is located speak Russian. He also noticeda
Russian grocery store right by the neighborhood that was attractive. He decides
to stop the advertising the property and started adverting the propertyon two
different Russian internet sites.This is
1. Acceptable because it is not print media
2. Unacceptable due to its discriminatory nature
3. Acceptable if the advertisement includes no preferential language
4. The only appropriate way to market property in this neighborhood
Answer 3. Ac-ceptable if the advertisement includes no preferential language
7. Market price is
1. What the property sells for
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